I started outside but I think next time I rather would start going inside....rough sketching the floorplan and then using that like a punch list markup to capture all the things. 5.  

Our circumstance is similar.Theresa Harris, question for you:      On our first rental, we're sitting on @ $130K cash/equity after refinancing in October this year to capture a 2.89% on a 30 year conventional--and we took out cash up to 70% LTV. 

These returns have come from appreciation and rent increases primarily because the .5-.7 properties are in desirable locations, had more value add/ initial equity capture opportunity, less turnover, better tenant base etc.

In the meantime the tax free refi let's you continue to reinvest and capture the good returns of the current property.

I just replaced a 5-year-old Magic Chef.

There are a lot of markets here that may be options (may) such as Salt Lake City, Hurricane (capture travelers to the national parks), Garden City (aka Bear Lake) or more expensive markets like Moab or Washington County (St.George).

Then reconcile the PM statements every month to make sure all transactions were captured. 

There are those that prefer to buy low and capture the sweat equity, and others who will have nothing to do with renovations and want something to park their money in and keep it as passive as possible. 

I am in an equity capture expensive market, you in MI are obviously in a CF market. 

It has increased about 150k in value and I have captured depreciation on it for 8 years.